Cryptocurrency Q&A
Can I deposit $50,000 cash in a bank without PAN?
Can I deposit $50,000 cash in a bank without PAN?
IncheonBeautyBloom
Thu Oct 10 2024
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5
answers
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I want to deposit a large amount of cash, specifically $50,000, into a bank account. However, I do not have a PAN. I'm wondering if it's possible to make such a deposit without providing a PAN.
5 answers
CryptoNinja
Sat Oct 12 2024
The Income Tax Act, 1962 governs the taxation of cash deposits made into savings accounts. This means that any cash deposit made into a savings account is subject to taxation as per the provisions of the Act.
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SsamziegangSerenadeMelodyHarmonySoul
Sat Oct 12 2024
In regards to depositing large amounts of cash, such as Rs. 50,000 or more, into a bank account, it is important to note that PAN card details are typically required. The PAN card serves as a unique identifier for individuals and is used for various financial transactions, including large cash deposits.
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Margherita
Fri Oct 11 2024
However, if an individual does not possess a PAN card, they are not entirely precluded from depositing large amounts of cash into their bank account. In such cases, the individual can declare the particulars of the deposit by filling out Form 60.
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ShintoSpirit
Fri Oct 11 2024
Form 60 is a declaration form that allows individuals to provide information about their cash deposit without a PAN card. By completing this form, the individual is acknowledging that they are depositing a large amount of cash and are providing the necessary details for tax purposes.
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RobertJohnson
Fri Oct 11 2024
It is important to note that even though an individual may not have a PAN card, they are still required to comply with tax laws and regulations. By declaring the particulars of their cash deposit, they are fulfilling their tax obligations and ensuring that their financial transactions are transparent.
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